Home Equity Mortgages

Home Equity Mortgages

Many homeowners use home equity to improve their financial position by eliminating high credit card debt and high interest monthly payments. Home improvements, education expenses and debt consolidation are all good reasons to take advantage of the equity you have in your home.

Call Fisgard to learn how you can use the equity in your home to improve your financial situation.

Use your home equity to:

  • pay for a family member’s college education
  • purchase a second home or revenue property
  • consolidate debt and reduce interest cost
  • reduce your monthly payments
  • make an investment in your RRSP or TFSA

What is home equity?

Home equity represents the amount you have invested in your home through years of payments and increased market value – the value in your home that is yours, free to use.

What is the equity in your home?

The value of your home ($450,000) minus the amount owed on your mortgage ($200,000) = Your equity ($250,000)

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